The West Midlands Combined Authority (WMCA) estimates £150million of private and public sector funding will be needed to deliver the Local Nature Recovery Strategy and protect and enhance urban nature sites covering an area the size of 50,000 football pitches.
Richard Parker, Mayor of the West Midlands, and the government’s Nature Minister Mary Creagh were in Coventry to launch the Nature Investment Hub and issue a rally cry to businesses to help meet that target.
The Hub is one of the first regional fundraising platforms of its kind in the UK.
It will connect businesses to a range of projects seeking funding to open up more green spaces, improve biodiversity, air and water quality, and strengthen the region’s resilience to climate change.
The projects will also unlock major benefits for the health, wellbeing and prosperity of residents and businesses, while giving local people opportunities to volunteer and learn new skills for jobs in the fast-expanding green economy.
The Mayor said: “Nature is one of our greatest assets and is in fact critical infrastructure in its own right. Our economy is already £700m a year better off because of nature and our plan will bring additional value to help it survive and thrive.
“We know giving local people better access to nature improves health and wellbeing, which eases pressure on the NHS and helps more people stay in work. Every new tree we plant shields more homes, businesses, roads and railways from the impact of climate change – whether that’s recent heatwaves we experienced or the flooding some areas are prone to.
“I’m delighted businesses want to play their part, and our new Nature Investment Hub will make it easier than ever for them to work with us and help build a greener, healthier future for generations to come.”
Mary Creagh, Minister for Nature and MP for Coventry East, said: “The West Midlands Nature Investment Hub will deliver an impressive range of nature recovery projects – from planting trees and restoring rivers to re-establishing historic heathland.
“This Hub is proof of what can be achieved when we join up investors and businesses committed to environmental improvement with local nature projects ready to deliver action on the ground, and is exactly the type of initiative we want to see more of.”
The West Midlands is one of five areas partnering with Defra on a place-based delivery pathfinder project to test how Defra can tailor its services to address the needs of different places and communities to deliver local and national priorities.
The Nature Investment Hub is at the heart of this pathfinder to develop and deliver a pipeline of nature recovery projects.
The first £2m of investment opportunities already listed on the Hub include:
Defra is considering how learnings from the West Midlands and other place pathfinders can inform how Defra delivers services in areas across the country. Businesses looking to connect with local nature project or organisations interested in funding them can find out more on the Nature Investment Hub website.
